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2023-03-31-accounts

Sto BasDIs orripany Number 03964376 Registered in England St Basil's (Limited by Guarantee) Works with young people St Basil's Annual Report and Financial Statements Year ending 31 March 2023

INDEX PAGE
Information
Strategic Report
Board Report
Independent Report ofthe Auditor
Statement of Comprehensive
Income		 29
Statement of Financial Position 30
Statement of Changes
in Reserves
Statement of Cash Flows 32
Notes to the Financial Statements 33

financial
rule		 financial
rule		 financial
rule		 financial
rule		 s.
Description Rule 1,9/20
Actual		 20/21
Actual		 21/22
Actual		 22/23
Target		 22/23
Actual		 22/23
Benchmark
Margin Historically
set at 3%,
the Board
agreed an
amendment
to this rule
during
the
year due to		 2.7% 4.7% 1.0% Surplus 1.8% 20.3%
the uncertain
economic
environment.
The target is
now to make
a surplus.
Cash days Maintain
cash
reserves 60
sufficient for 56 102 throughout 125 n/a
a minimum the year
of2 months
(60days)
Borrowing / Loan
gearing coverage to
be a
minimum
of
200%		 3,629% 4,229% 2,142% 200% n/a n/a
(covenant
requirement)
ollowin g the repayment
in full ofthe housing		 loan held with Unity Bank, the borrowing / gearing financial ru
s not applicable to the 2022/23 year-end.
n addition to the above targets, the RSH published VfM metrics in 2018/19 to be set as targets, and t he
monitore d and reported
in our financial statements.		 St Basil's performance for each metric is shown in the ta b
elow, with the target metrics being St Basils' budget set at the start ofthe year.
RSH
Ref		 Description
19I2'0
Actual		 20/21
Actual		 21/22
Actual		 22/23
Target		 22/23
Actual		 22/23
Benchmark		 Narrative
Due to changing
circumstances at a
Reinvestment
6.0%		 10.6% 1.7% 3.8% 1.3% 9.8% particular project, the
capital plan was revised
mid-yesr
2a New supply,
social
housing
units
10.5%		 8.6% 1.8% 0% 9 3.1% No new social units
(owned) were
developed
or acquired
during
the year.
2b New supply,
non-social
n/a		 n/a n/a n/a n/s 0% St Basils has
social housing		 no non-
housing units
Gearing -9.9% -21% -21.9% -21.7% -30.3% -3.5% This method takes cash
reserves
into account,

RSH
Ref		 Description Description Description 19/20
Actual		 20/21
Actual		 21/22
Actual		 22/23
Target		 22/23
Actual		 22/23
Benchmark		 Narrative
as a result St Basils
has negative
external
financing
because its
cash is larger than
its
Gearing, borrowing
(now nil).
normal 7.4% 6.2% 5.8% 5.3% 0 n/a The normal
method
method does not include cash
reserves.
St Basils repaid it's one
housing
loan before the
end ofthe year.
Earnings
before
EBITDA,
Earnings
before interest,
tax,
depreciation
and		 9.7% 9.2% 6.7% 3.7% 4.2% n/a interest, tax
depreciation
and
amortisation
(EBITDA)
is an alternative
method
to assessing
financial
performance
instead of
amortisation,
(unadjusted
for
major repairs)		 margin.
It is only
included
here because
itfeeds into the
following
required
metric.
EBITDA This metric has no
(adjusted for relevance
to St Basils
major repairs) 5,418% 9,018% 2,153% 1,853% n/a 1 210% due to not having
any
compared to borrowing.
financing costs
Following
the
repayment
ofthe
Loan cover 3,629% 4,229% 2,142% 200% n/a n/a housing
loan, there is
no metric to report for
loan cover for the year.
The high
unit cost
reflects the turnover of
Cost per unit Et9.2k 820.3k Ft9.3k n/a 820.2k 64.8I( high needs tenants,
who receive high
quality
support.
Operating Although
St Basil's
Sa margin —social
housing		 3.9% -6.2% -2.9% n/a -1.9% 13.5% overall
margin has
improved
from the
lettings
only		 previous year,
it still
6b Operating
margin—
overall		 2.7% 4.7% 1.0% 1% 1 8% 203% remains
significantly
lower than registered
provider
norms.
however,
the return
on
capital employed
is
similar.
This illustrates
St
Basil's "small margin,
but well financed
financial
model"
which
Return
on
Capital
Employed		 2.1% 3.8% 0.9% 0.8% 1.3% 3.1% is most apt for a small
charitable
organisation
that is focused on
(ROCE) relieving
hardship,
as
opposed to being
focused on
housebuilding
and its
associated
borrowing
requirements.

Helen Bates Ordinary Director
Paul Cadman Ordinary Director
Maddie
Dixon		 Co-opted Director, resigned March 2023
Stephen Chance
Steve Guyon OBE
Feizal Hajat OBE		 Co-opted
Ordinary
Ordinary		 Director, appointed
Director, resigned
Director		 September 2022
September 2022
Chris Miller Ordinary Director
Nil Neale Ordinary Director
Nimmi
Patel		 Ordinary Director
Raj Ram Ordinary Director
Vicki Stott
Jean Templeton		 Ordinary
Executive		 Director, appointed
Director		 September 2022
The Very Reverend Matthew Thompson Nominated Director
Chris Todd Ordinary Director, resigned September 2022

Notes
2023 2022
8'000's F'000's
TURNOVER
Housing support contracts
- Birmingham City Council 4,284 4,054
- Solihull
MBC		 843 738
- Worcester CC 398 425
- Warwickshire CC 425 415
—Coventry
CC		 532 534
—Other Councils 267 255
6,749 6,421
Income from lettings 3b 6,434 5,829
Fundraising 3a 958 999
Other income 966 957
Amortisation ofSocial Housing
Grant		 15 208 208
3a 15,315 14,414
OPERATING COSTS 3a (15,060) (14,273)
OPERATING SURPLUS 3a 255 141
Interest receivable
and similar income		 9 1
Interest payable
and similar		 charges (12) (12)
SURPLUS FOR THE YEAR 252 130
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 252 130

Notes 2023 2022
f'000's 8'000's
FIXEDASSETS
Housing
properties
- cost		 less depreciation 13,449 13,563
Other property,
plant & equipment		 519 782
Total fixed assets 13,968 14,345
CURRENT ASSETS
Debtors 1,636 1,031
Cash and cash equivalents 5,070 3,922
6,706 4,953
CREDITORS: AMOUNTS FALLING 12 (2,759) (2,154)
DUE WITHIN ONE YEAR
NET CURRENT ASSETS 3,947 2,799
TOTAL ASSETS LESSCURRENT 17,915 17,144
LIABILITIES
CREDITORS: AMOUNTS FALLING DUE 13 (12,441) (11,922)
AFTER MORE THAN ONE YEAR
NET ASSETS 5,474 5,222
CAPITAL AND RESERVES
Revenue
reserves		 5,336 5,062
Restricted reserves 138 160
TOTAL RESERVES 5,474 5,222

Revenue Restricted 2023 2022
reserves Reserves Total Total
E'000's F'000's E'000's F'000's
At 1 April 2022 5,062 160 5,222 5,092
Surplus from statement of comprehensive
income 252 252 130
Transfer to/from restricted reserves 22 (22)
At 31 March 2023 5,336 138 5,474 5,222
For the year ending 31 March 2022 year ending 31 March 2022 year ending 31 March 2022 year ending 31 March 2022
Revenue Restricted 2022 2021
reserves Reserves Total Total
F.'000's F.'000's f.'000's f'000's
At 1 April 2021 4,914 178 5,092 4,457
Surplus from statement ofcomprehensive
income 130 130 635
Transfer to/from restricted reserves 18 (18)
At 31 March 2022 5,062 160 5,222 5,092
2023 2023 2022
Notes f.'000's 6'000's 5'000's E.'000's
NET CASH INFLOW
FROM OPERATING ACTIVITIES 17 666 817
CASH FLOW FROllil FINANCING
ACTIVITIES
Interest received 9 1
Interest
paid		 (12) (12)
Housing
loans repaid		 (302) (13)
Investments
encashed
(305)
(24)
CASH FLOW FROM INVESTING
ACTIVITIES
Purchase
of housing		 properties 8 (213) (211)
Purchase
ofother property,		 plant &
Equipment (14) (113)
Capital grants
and donations
received/accrued 15 1,014 787 (324)
NET CHANGE
IN CASH AND		 1,148 469
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS 3,922 3,453
AT START OF YEAR
CASH AND CASH EQUIVALENTS 5,070 3,922
AT END OF YEAR
Analysis
ofchanges		 in net debt At 1st April
f'000		 Cashf iowa
8'000		 Other non-cash
f'000
At		 31"March
6'000
Cash and cash equivalents 3,922 1,148 5,070
Housing
loans		 (302) 302
Total 3,620 1,450 5,070

TURNOVE R AND O PERATING ( DEFICIT)/SURP LUS
2023 2022
Turnover Operating Surplus/ Turnover Operating Surplus/
f'000's costs
6'000's		 (deficit)
f'000's		 8'000's Costs
L"000's		 (deficit)
f.'000's
Income and
expenditure from
lettings
Supported housing
—residential (note
3b) 12,302 (12,530) (228) 11,471 (11,807) (336)
Other income and
expenditure
Fund raising 958 (536) 422 999 (541) 458
Non-residential
services 2,055 (1,994) 61 1,944 (1,906) 38
Total 15,315 (15,060) 255 14,414 (14,254) 160

INCOME AND EXPENDITUR E FROIN SOCIAL HOUSING
2023 2022
All All
Supported Supported
Housing Housing
Accomm- Accomm-
odation odation
8'000's E'000's
Income from lettings
Rent receivable 2,620 2,408
Service charges receivable 3,814 3,421
Net rents receivable 6,434 5,829
Supporting
People Grant		 4,853 4,685
Other income 1,015 957
Total income from lettings 12,302 11,471
Expenditure
on lettings
Management
Services		 7,487
2,577		 7,146
2,417
Routine maintenance 937 882
Residential
building
lease costs		 313 314
Planned
maintenance		 627 592
Bad debts 262 174
Depreciation
of properties		 327 282
Total expenditure
on lettings		 12,530 11,807
Operating
surplus
on social		 housing lettings (228) (336)
Rent losses from voids 664 742
RPLUS ON ORDINARY ACTIVITIES
2023 2022
F'000's 8'000's
Surplus
on ordinary
activities is stated after charging/(crediting)
Depreciation
of housing
properties		 327 282
Depreciation
ofother fixed assets		 255 306
Auditors'
remuneration:—
In their capacity as auditors 20 19
In respect of other services
Staff costs (note 6) 7,658 7,660
Amortisation
of social housing
Other equipment
lease charges		 grants (208)
49		 (208)
43
Land and buildings
lease charges		 369 371

employed
du		 rin g the year:
Number Number
Management 8 8
Administration 34 36
Housing
support		 services 227 240
Total employees 269 284
DIRECTORS' EMOLUMENTS
2023 2022
E'000's F.'000's
Emoluments of the Senior Management Team (including pension 451 440
contributions)
The emoluments of the Senior Management Team disclosed above
include amounts paid to:
The Chief Executive,
being the highest		 paid director (excluding pension 75 73
contributions)

TANGIBLE FIXEDASSETS — HOUSING PROPERTIES
Housing Housing
properties properties
held for under
letting
E'000's		 development
f'000's		 Total
E'000's
COST
At 1 April 2022 16,854 18 16,872
Additions 134 79 213
At 31 llllarch 2023 16,988 98 17,085
LESS:
DEPRECIATION
At 1 April 2022 3,309 3,309
Charge for the year 327 327
At 31 March 2023 3,636 3,636
NET BOOK VALUE
At 31 March 2023 13,352 98 13,449
At 31 March 2022 13,545 18 13,563

9. OTHER PROP ER TY, PLANT 8 EQUIPM ENT
Short term Furnishings
Leasehold Computer and
properties
E'000's		 equipment
E'000's		 fittings
6'000's		 Total
6'000's
COST
At 1 April 2022 607 2,091 1,891 4,589
Additions 6 8 14
Disposals (36) — (36)
At 31 March 2023 607 2,061 1,899 4,567
ACCUMULATED DEPRECIATION
At 1 April 2022 311 1,897 1,599 3,807
Charge for the year 48 70 137 255
Disposals (14) (14)
At 31 March 2023 359 1,953 1,736 4,048
NET BOOK VALUE
At 31 llllarch 2023 248 108 163 519
At 31 March 2022 296 194 292 782
10. UNITS IN MANAGEMENT
2023 2022
Number Number
Bed spaces 603 601
At the end ofthe year there were 54 units in development (2022: nil).
11. DEBTORS
2023 2022
F'000's f.'000's
Rental debtors 535 498
Less: Provision for bad debts (255) (194)
Net rental debtors 280 304
Other debtors 867 368
Prepayments 330 219
Accrued
Income		 159 140
1,636 1,031

CREDIT ORS: AMOUNTS
FALLING DUE WITHIN ONE Y		 EAR
2023 2022
E'000's F.'000's
Rental pre-payments 488 443
Accruals 700 373
Deferred Income 781 486
Trade creditors 410 441
Other taxation and social security costs 172 188
Housing loans 15
SHG due within one year 208 208
2,759 2,154

CREDI TORS: AM OUNTS
FALLING DUE AFTER MO		 RE THAN ONE YEAR
2023 2022
f'000's F'000's
SHG to be released after one year 12,176 11,370
Housing loan 287
Provision for dilapidations 265 265
12,441 11,922
Profile of Housing loan:
Amount falling due 2-5 years 59
Amount falling due 5+ years 228
287

SOCIAL HO USING GRAN T AhllORTISATION MOVEMENT
2023 2022
E'000's F.'000's
Deferred income —Grants
As 1 April 2022 11,577 11,785
Grants received 1,014
Amortisation to Statement of Comprehensive Income (208) (208)
At 31 lillarch 2023 12,383 11,577
Amortisation within one year 208 208
Amortisation after one year 12,175 11,369

2023 2022
8'000's L'000's
Operating surplus for the year 255 141
Movement in debtors (569) 127
Movement in creditors 620 169
Depreciation 568 588
Amortisation ofgrant (208) (208)
Net cash flow from operating activities 666 817
CAPITAL COMMITMENTS
2023 2022
F'000's F'000's
Capital expenditure contracted for but not provided for in the
financial statements 3,589
Capital expenditure authorised but not yet contracted for

Fort he year ending 31 March 2023 he year ending 31 March 2023 he year ending 31 March 2023
23. RESTRICTED RESERVES
Restricted
Reserve		 At 1 April 2022 Expenditure At 31 March 2023
L"000's F'000's F.'000's
Young Women's Fund —Shelter 131 131
Young Women's Fund —Hardship 29 (22)
Total Restricted Reserves 160 (22) 138